The latest selling spree in IT stocks has impacted valuations of top Indian software exporters, taking them near the levels seen during the subprime crisis in 2008-09. The stocks of Tata Consultancy Services (TCS), Infosys, HCL Technologies, and Wipro currently trade at trailing price-earnings (P/E) multiples between 15 and 18. They have halved from the peak valuations seen four years ago when Covid-related disruptions boosted demand for enterprise IT solutions. These stocks have lost nearly 30% so far in 2026 amid rising concerns over the impact of advancement in artificial intelligence (AI) technology on client servicing and deployment of IT solutions.